Fixed Asset Bill Credits

When a vendor issues a refund or credit for a previously capitalized asset (e.g., return of equipment, invoice correction), you can record a bill credit in Rillet to reduce the value of the fixed asset and update the general ledger accordingly.

Steps to Create a Fixed Asset

1. Navigate to Accounts Payable > Bills.

1. Find the Original Bill

   Locate the bill tied to the fixed asset you want to credit

2. Open the Bill Credit Option

   Click the Three Dots (...) and Select Bill Credit.

   
3. Enter Bill Credit Details

   In the pop-up window, enter the credit amount and set the applicable date

   
4. Save the Credit Once saved, the asset will show as Partially Credited and the credit will be displayed automatically in the GL Impact.

Accounting and Depreciation Impact

Rillet automatically factors the bill credit into all future depreciation calculations. The remaining asset value is reduced by the credit amount, and depreciation will adjust accordingly from the credit date forward.